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Economy
Economy
London is a major centre for international business and commerce and is one of three "command centres" for the world economy (along with New York City and Tokyo).
According to 2005 estimates by the PricewaterhouseCoopers accounting firm, London has the 6th largest city economy in the world after Tokyo, New York City, Los Angeles, Chicago, and Paris.
As the world's second largest international banking centre with a 50% share of all European activity and Europe's second largest city economy after Paris, year-by-year London generates approximately 20% of the UK's GDP (or $446 billion in 2005); while the economy of the London metropolitan area—the second largest in Europe—generates approximately 30% of the UK's GDP (or an estimated $669 billion in 2005).
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London's success as a service industry and business centre can be attributed to factors such as English being the native and dominant language of business, close relationship with the U.S.
and various countries in Asia.
Other factors include English law being the most important and most used contract law in international business and the multi-cultural infrastructure.
Government policies such as low taxes, particularly for foreigners (non-UK domiciled residents do not get taxed on their foreign earnings), a business friendly environment, good transport infrastructure and a deregulated economy with little intervention by the government have all contributed to London's economy becoming more service based.
Over 85% (3.2 million) of the employed population of Greater London works in service industries.
Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.
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London's largest industry remains finance, and its financial exports make it a large contributor to the UK's balance of payments.
Over 300,000 people are employed in financial services in London.
London has over 480 overseas banks, more than any other city in the world.
Due to New York's tightening of market regulations, London stock exchanges had approximately 20% more initial public offerings in 2006.
London is home to banks, brokers, insurers and legal and accounting firms.
A second, smaller financial district is developing at Canary Wharf to the east of the city which includes the global headquarters of HSBC, Reuters, Barclays and the Magic Circle, which includes Clifford Chance, the largest law firm in the world.
London handled 31% of global currency transactions in 2005—an average daily turnover of US$753 billion—with more US dollars traded in London than New York, and more euros traded than in every other city in Europe combined.
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More than half of the UK's top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies are headquartered in central London.
Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London.
Along with professional services, media companies are concentrated in London (see Media in London) and the media distribution industry is London's second most competitive sector (after central banking, the most competitive sector).
The BBC is a key employer, while other broadcasters also have headquarters around the city.
Many national newspapers are edited in London, having traditionally been associated with Fleet Street in the city; they are now primarily based around Canary Wharf.
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Tourism is one of London's prime industries and employs the equivalent of 350,000 full-time workers in London in 2003, while annual expenditure by tourists is around £15 billion.
London is the world's most popular city for international visitors.
A study carried out by Euromonitor in October 2007 places London at first place out of 150 of the world's most popular cities, attracting 15.6 million international tourists in 2006.
This puts London far ahead of 2nd place Bangkok (10.35 million) and 3rd place Paris (just 9.7 million).
London attracts 27 million overnight-stay visitors every year.
Formerly the largest port in the world, the Port of London is currently the third-largest in the United Kingdom, handling 50 million tonnes of cargo each year.
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